South Africa
Overview
Diversity is a key feature of South Africa, where 11 languages are recognised as official, where community leaders include rabbis and chieftains, rugby players and returned exiles, where traditional healers ply their trade around the corner from stockbrokers and where housing ranges from mud huts to palatial homes with swimming pools.
South Africa has one of the continent `s biggest economies, though this went into recession in May 2009 following a sharp slowdown in the mining and manufacturing sectors. The construction industry, on the other hand, benefited from a huge programme of government investment ahead of the 2010 World Cup. South Africa is, along with China, Brazil, Russia and India, a member of the BRICS club of emerging world economic powerhouses.
Economic Indicators 20241
| Capital City | Tshwane, Cape Town |
| Country size | 1 219 090 km2 |
| GDP at current prices (2024) | R7.4 trillion |
| Population (2025) | 63,100,945 |
| Independence Day | 27 April |
| Website | www.gov.za |
| GDP per capita | R119,676 |
| Real economic growth rate (2024) | 0.5% |
| Annual inflation rate (2024) | 3.2% |
| Merchandise imports (intra-SACU Trade) (2024) | R70.0 billion |
| Merchandise exports (intra-SACU Trade) (2024) | R207.6 billion |
| Imports to the Rest of the World (2024) | R1.9 trillion |
| Exports to the Rest of the World (2024) | R2.0 trillion |
1 The Source of data for Real GDP growth and Inflation are Member States Economic Background Papers submitted in May 2024, to support the calculation of the 2024/25FY Revenue Shares. GDP per capita is a result of the Secretariat calculations (i.e., GDP per capita =GDP/Popn)
Economic Performance 2024
- Growth in South Africa is projected at 1.4 percent in 2025, from 0.6 percent in 2024, reflecting the weaker-than-expected GDP outcome in the second half of 2024, alongside a deteriorating domestic and global economic outlook. During the period under review a proper mix of monetary and fiscal policies was undertaken to drive growth. Headline consumer inflation decelerated from 6.0 percent in 2023 to 4.4 percent in 2024, falling below the midpoint of the inflation target range of 4.5 percent for the first time since the onset of the COVID-19 pandemic. Inflation generally slowed considerably among all the durability categories.
- Medium-term GDP growth is expected to average 1.6 percent from 2025 to 2027-premised mainly on structural reforms, private sector collaboration, regulatory easing, and increased infrastructure investment.
